THE CORPORATIONS LAW

CHAPTER 6 - TAKEOVERS

PART 6.5 - THE TAKEOVER PROCEDURE

Division 4 - Updating and correcting the bidder's statement and target's statement

SECTION 644   SUPPLEMENTARY TARGET'S STATEMENT  

644     If a target becomes aware of:

(a)  a misleading or deceptive statement in the target's statement; or

(b)  an omission from the target's statement of information required by section 638; or

(c)  a new circumstance that:

(i) has arisen since the target's statement was lodged; and

(ii) would have been required by section 638 to be included in the target's statement if it had arisen before the target's statement was lodged;

that is material from the point of view of a holder of bid class securities, the target must prepare a supplementary target's statement that remedies this defect.

Note 1:

The target must then send and lodge the supplementary target's statement in accordance with section 647.

Note 2: Section 670A makes it an offence to give a target's statement after the target has become aware of a misleading or deceptive statement, omission or new circumstance that is material from the point of view of a holder of securities to whom the statement is given (unless the deficiency is corrected).

Note 3: The power to issue a supplementary target's statement is not limited to the situations dealt with in this section.

Note 4: This section applies to a target's statement that has already been previously supplemented.